The Executive Governor of Lagos State, Mr Babajide Sanwo-Olu on the 21st of June 2023, announced the launch of the Five Billion Series 1 of the 30 Billion Eko Rice Contracts Programme on the Lagos Commodities and Futures Exchange.
In a statement on his official social media page, Mr Sanwo-Olu explained that the revolutionary public-private partnership is a game-changer for agriculture and food security in Lagos State.
He continued, “Agriculture is a critical sector of our economy, and this programme positions Lagos as an innovative hub. By guaranteeing the availability of affordable rice, we’re ensuring food security for over 80% of Lagos families and also empowering our local farmers and driving economic growth together”.
“Our commitment to the development of the Rice Value Chain has yielded remarkable results. We’ve scaled up local paddy production by 63.5%, creating over 2,620 jobs and improving livelihoods in rice-producing communities. This is just the beginning of our agricultural revolution”.
“Today’s bell-ringing ceremony at Lagos Commodities and Futures Exchange is a historic moment. We’re offering exciting investment opportunities in Lagos’ agricultural sector, highlighting these investment opportunities and projecting the role of the Capital Market in driving development in Lagos’ commodities ecosystem. Let’s seize the potential!”
“Through our agreement with Lagos Commodities and Futures Exchange, we’ll ensure a sustainable supply of paddy to the rice mill. Every three months, 15,000 metric tonnes of paddy will be milled and sold to the public through subscribers” Sanwo-Olu asserted.
The Governor further stated that the collaboration will strengthen the rice value chain and boosts confidence in the market.